Single Family Home Stats
David: Can you believe the median sales price here on Oahu is now one million dollars for a single family home? Just a year ago in October of 2020, the median was $865,000. That's over a 15% increase from last year. I've got Ben Brady out here from Harcourts North America to give him a tour of some of the real estate we have here on Oahu.
Ben: It's absolutely beautiful real estate we've got here Dave. Not to mention we've got Diamond Head in the background here and a beautiful view of Waikiki and some of the beautiful mountains out there as well. It's a phenomenal place and you can absolutely see why people fall in love with quality real estate like the one we're sitting in here today.
David: Absolutely, absolutely! It's a been a great market for Sellers. Days on Market were actually flat though. They were 10 Days a year ago and 10 Days this year, which is just phenomenal because NAR (The National Association of Realtors) says 60 days is the break even. Anything less than that is a Seller's Market.
Ben: Interesting to see though with the average sale price going up 15.6% and your average Days on Market staying the same, it's just showing the demand for the single family housing market is just still there regardless of that appreciation of over 15%.
David: Absolutely, and you will see an even more significant difference in the condo market, which we'll segment into here shortly.
Ben: I'm looking forward to hearing about that.
David: Can you believe from this time last year we're up over 38% in the condo market?
Ben: That's amazing considering that the volume of that is absolutely significant in any type of marketplace to have a 38% increase from the number of sales.
David: What a great place to be shooting this (video) here. We've got Waikiki right behind us and during COVID, there was a lot of fear and Buyers were not around. Fast forward a year and they're all back in the marketplace. International travel just opened back up and now that median sales price is now half a million bucks.
Ben: That's unbelievable.
David: A round number: Half a million bucks for condos, one million for the single family homes. Last year, it was just $439,500. That's quite a bump! Days on Market actually dropped quite a bit. Unlike the single family homes that went from 10 to 10 days, it went from 19 to 11 (days).
Ben: Well, being a tourist, coming from the mainland so to speak from Harcourts North America over here visiting David at Harcourts Island Real Estate doing an incredible job over the last few months. Certainly having an incredible year, but the interesting part is seeing the difference. I was here in May of last year vs. now being October and the increase of people around. The somewhat normalcy so to speak that is back in just the general environment.
David: Yep, we're back open for business.